Wesfarmers CEO resists M&A pressure

Wesfarmers CEO Rob Scott says he does not intend to make acquisitions just for the sake of it once the conglomerate has completed its demerger of Coles. Speaking on the release of Wesfarmers’ retail sales figures for the March quarter, he rejected rumours that it is interested in Fletcher Building. Outgoing Coles managing director John Durkan rejected claims that it had been increasing prices in an attempt to boost margins, noting that it cut the price of 500 products during the March quarter.